证券代码：301290 证券简称：东星医疗 公告编号：2025-038 江苏东星智慧医疗科技股份有限公司 关于调整公司组织架构、修订《公司章程》并办理工商变更登 记及制定、修订公司部分制度的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 江苏东星智慧医疗科技股份有限公司（以下简称"公司"）于2025年8月27 日召开第四届董事会第十二次会议，审议通过了《关于调整公司组织架构、修 订<公司章程>并办理工商变更登记的议案》《关于制定、修订部分公司治理制 度的议案》，现将有关事项公告如下： 一、关于调整公司组织架构、修订《公司章程》并办理工商变更登记备 案及制定、修订公司部分制度的原因和依据 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司章 程指引》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第2号——创业板上市公司规范运作》《关于新＜公司法＞配套制 度规则实施相关过渡期安排》等相关法律、法规、规范性文件的规定，公司依 照自身实际治理情况，决定调整公司组织架构，并根据最新的法律、法规、规 范性文件及修订后的《公司章 ...

证券代码：301290 证券简称：东星医疗 公告编号：2025-034 江苏东星智慧医疗科技股份有限公司(以下简称"公司")于2025年8月27日 召开第四届董事会第十二次会议和第四届监事会第十一次会议，审议通过了《关 于公司<2025年半年度报告>全文及摘要的议案》。 为使投资者全面了解公司2025年半年度的经营成果及财务状况，公司 《2025年半年度报告》全文及其摘要于2025年8月28日在中国证券监督管理委 员会指定的创业板信息披露网站巨潮资讯网(www.cninfo.com.cn)上披露。 敬请广大投资者注意查阅。 特此公告。 江苏东星智慧医疗科技股份有限公司 董事会 2025年8月28日 江苏东星智慧医疗科技股份有限公司 2025年半年度报告披露提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 ...

根据中国证券监督管理委员会《上市公司募集资金监管规则》《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》以及《深圳证 券交易所创业板上市公司自律监管指南第 2 号——公告格式》的相关规定，江苏 东星智慧医疗科技股份有限公司（以下简称"公司"）就 2025 年半年度募集资 金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会证监许可[2022] 1922 号文《关于同意江苏东星 智慧医疗科技股份有限公司首次公开发行股票注册的批复》核准，由主承销商华 泰联合证券有限责任公司向公众投资者发行人民币普通股（A 股）25,043,334 股， 发行价格为每股 44.09 元，募集资金总额为 1,104,160,596.06 元，扣除与发行有 关的费用人民币 101,587,913.35 元（不含税），实际募集资金净额为人民币 1,002,572,682.71 元。上述资金于 2022 年 11 月 25 日全部到位，已经立信会计师 事务所（特殊普通合伙）审验，并于 2022 年 11 月 25 日出具信会师报字[2022] 第 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 江苏东星智慧医疗科技股份有限公司（以下简称"公司"）于2025年8月27日召 开了第四届董事会第十二次会议，审议通过了《关于提请召开2025年第二次临 时股东大会的议案》，董事会决定于2025年9月15日（星期一）下午2:30在公司 会议室召开2025年第二次临时股东大会。为了进一步保护投资者的合法权益， 方便公司股东行使表决权，本次股东大会将采用现场投票与网络投票相结合的 方式，根据有关规定，现将股东大会的相关事项通知如下： 证券代码：301290 证券简称：东星医疗 公告编号：2025-039 江苏东星智慧医疗科技股份有限公司 关于召开公司2025年第二次临时股东大会的通知 1、股东大会届次：2025年第二次临时股东大会 一、会议召开基本情况 3、会议召开的合法、合规性：公司第四届董事会第十二次会议审议通过了 《关于提请召开2025年第二次临时股东大会的议案》，本次股东大会的召开符 合有关法律、行政法规、部门规章、规范性文件、深圳证券交易所业务规则和 《公司章程》的规定。 4、会议召开时间： 现场会议召开时间 ...

证券代码：301290 证券简称：东星医疗 公告编号：2025-031 江苏东星智慧医疗科技股份有限公司 第四届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 具体内容详见公司同日于巨潮资讯网（www.cninfo.com.cn)披露的《董事会 关于 2025 年半年度募集资金存放与使用情况专项报告》。 一、监事会会议召开情况 江苏东星智慧医疗科技股份有限公司（以下简称"公司"）第四届监事会第 十一次会议于 2025 年 8 月 27 日 11:00 在公司会议室以现场方式召开。本次会议 通知已于 2025 年 8 月 15 日通过邮件的方式送达全体监事。本次会议由监事会主 席朱慧玲主持，会议应出席监事 3 人，实际出席监事 3 人。公司董事会秘书列席 会议。本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、监事会会议审议情况 与会监事经过审议，表决通过了以下议案： （一）审议通过《关于公司<2025 年半年度报告>全文及摘要的议案》 经审议，监事会认为：公司编制的《2025 年半年度报告》全文 ...

证券代码：301290 证券简称：东星医疗 公告编号：2025-030 江苏东星智慧医疗科技股份有限公司 第四届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 二、董事会会议审议情况 经各位董事认真审议，形成了如下决议： （一）审议通过《关于公司<2025 年半年度报告>全文及摘要的议案》 根据《公司法》等法律、法规、规范性文件及《公司章程》的规定，结合公 司 2025 年半年度实际经营情况，公司编制了《2025 年半年度报告》全文及其摘 要。 经审核，董事会认为：公司《2025 年半年度报告》全文及其摘要的内容真 实、准确、完整地反映了公司 2025 年半年度经营的实际情况，不存在任何虚假 记载、误导性陈述或者重大遗漏；报告编制和审核的程序符合法律、行政法规的 要求，符合中国证券监督管理委员会和深圳证券交易所的相关规定。 本议案已经公司第四届董事会审计委员会审议通过。 具体内容详见公司同日于巨潮资讯网（www.cninfo.com.cn)披露的《2025 年 半年度报告》及《2025 年半年度报告摘要》。《 ...

证券代码：301290 证券简称：东星医疗 公告编号：2025-037 江苏东星智慧医疗科技股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 江苏东星智慧医疗科技股份有限公司（以下简称"公司"）于2025年8月27 日召开第四届董事会第十二次会议、第四届监事会第十一次会议，审议通过了 《关于作废部分已授予尚未归属的限制性股票的议案》，现将有关事项说明如 下： 一、股权激励计划已履行的相关审批程序 （一）2023年6月7日，公司召开第三届董事会第十一次会议、第三届监事 会第八次会议审议通过了《关于公司<2023年限制性股票激励计划（草案）>及 其摘要的议案》《关于公司<2023年限制性股票激励计划实施考核管理办法>的 议案》等议案。公司独立董事就本次激励计划是否有利于公司的持续发展及是 否存在损害公司及全体股东利益的情形发表了独立意见。北京市天元律师事务 所出具了《关于江苏东星智慧医疗科技股份有限公司2023年限制性股票激励计 划的法律意见》。 （二）2023年6月9日至2023年6月18日，公司对本次激 ...

证券代码：301290 证券简称：东星医疗 公告编号：2025-036 江苏东星智慧医疗科技股份有限公司 关于调整公司 2023 年限制性股票激励计划 限制性股票授予价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 （二）2023年6月9日至2023年6月18日，公司对本次激励计划授予激励对象 的姓名和职务在公司内部进行了公示。在公示期内，公司监事会未收到与本次 激励计划授予激励对象有关的任何异议。2023年6月30日，公司披露了《江苏东 星智慧医疗科技股份有限公司监事会关于公司2023年限制性股票激励计划激励 对象名单的公示情况说明及核查意见》。 （三）2023年6月19日，公司召开第三届董事会第十二次会议和第三届监事 会第九次会议，会议审议通过了《关于公司<2023年限制性股票激励计划（草案 修订稿）>及其摘要的议案》《关于公司<2023年限制性股票激励计划实施考核 管理办法（修订稿）>的议案》等议案。公司独立董事就本次激励计划及本次修 订是否有利于公司的持续发展及是否存在损害公司及全体股东利益的情形发表 了独立意见。北京市天元律师事务所出具了《 ...

北京市天元律师事务所 关于江苏东星智慧医疗科技股份有限公司 2023 年限制性股票激励计划调整授予价格及 作废部分限制性股票的 法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于江苏东星智慧医疗科技股份有限公司 2023 年限制性股票激励计划调整授予价格及作废部分限制性 股票的法律意见 京天股字（2023）第 359-4 号 致：江苏东星智慧医疗科技股份有限公司 北京市天元律师事务所（以下简称本所）接受江苏东星智慧医疗科技股份有 限公司（以下简称公司或东星医疗）的委托，担任公司 2023 年限制性股票激励 计划（以下简称本次激励计划）的专项中国法律顾问，并就本次激励计划调整授 予价格（以下简称本次调整）及作废部分限制性股票事项（以下简称本次作废） 出具法律意见。 本所及经办律师依据《中华人民共和国公司法》（以下简称《公司法》）、《中 华人民共和国证券法》（以下简称《证券法》）、《律师事务所从事证券法律业务管 理办法》《上市公司股权激励管理办法》（以下简称《管理办法》）、《深圳证券交 易所创业板股票上市规则》（以下简称 ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management guarantee the report's integrity, with no cash dividends, bonus shares, or capital reserve conversions planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[3](index=3&type=chunk) - The company's head, chief accountant, and head of the accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report's clear table of contents lists eight main chapters, providing comprehensive information navigation for investors - The report comprises **eight main chapters**, featuring a clear structure[6](index=6&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, reporting periods, currency units, and medical device classifications, ensuring accurate understanding - Key terms such as company, reporting period, currency unit, laws and regulations, subsidiaries, competitors, and medical device classifications are defined[10](index=10&type=chunk)[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Jiangsu Dongxing Smart Medical Technology Co., Ltd. (stock code: 301290) is listed on the Shenzhen Stock Exchange, with Wan Shiping as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Dongxing Medical | | Stock Code | 301290 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Jiangsu Dongxing Smart Medical Technology Co., Ltd. | | Legal Representative | Wan Shiping | [Contact Person and Information](index=7&type=section&id=%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's board secretary is Gong Aiqin, with contact details at Changyang Road 24-4, Wujin District, Changzhou City, phone 0519-86632199, fax 0519-86638111, and email gongaiqin@dx-med.com Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Gong Aiqin | No. 24-4 Changyang Road, Wujin District, Changzhou City | 0519-86632199 | 0519-86638111 | gongaiqin@dx-med.com | [Other Information](index=7&type=section&id=%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's contact information, information disclosure, or registration, with details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This reporting period saw significant year-on-year declines in the company's operating revenue and net profit, a substantial decrease in net cash flow from operating activities, and corresponding reductions in basic earnings per share and weighted average return on net assets, while total assets and net assets attributable to shareholders slightly decreased Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period ($) | Prior Year ($) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 183,292,306.61 | 213,553,049.86 | -14.17% | | Net Profit Attributable to Shareholders | 30,292,870.97 | 47,679,809.37 | -36.47% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 19,036,505.31 | 30,596,502.81 | -37.78% | | Net Cash Flow from Operating Activities | 21,385,778.51 | 70,317,683.91 | -69.59% | | Basic EPS ($/share) | 0.30 | 0.48 | -37.50% | | Diluted EPS ($/share) | 0.30 | 0.48 | -37.50% | | Weighted Average ROE | 1.36% | 2.12% | -0.76% | | **Period-end Indicators** | **Current Period-end ($)** | **Prior Year-end ($)** | **Period-end vs. Prior Year-end Change** | | Total Assets | 2,465,331,387.11 | 2,482,438,025.25 | -0.69% | | Net Assets Attributable to Shareholders | 2,218,259,520.12 | 2,246,597,316.84 | -1.26% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This reporting period's non-recurring gains and losses totaled **$11.26 million**, primarily from investment income on trading financial assets and government grants, offset by fixed asset disposal losses and public welfare donations Non-recurring Gains and Losses and Amounts | Item | Amount ($) | Description | | :--- | :--- | :--- | | Disposal gains/losses on non-current assets | -21,703.65 | Mainly losses from disposal of fixed assets | | Government grants recognized in current profit/loss | 708,180.38 | Mainly government grants received | | Gains/losses from fair value changes and disposal of financial assets and liabilities | 14,035,959.07 | Mainly investment income from trading financial assets | | Other non-operating income and expenses | -560,898.72 | Mainly public welfare donation expenses | | Other gains/losses meeting the definition of non-recurring items | 500,379.23 | Input VAT additional deduction, personal income tax withholding fees, directly exempted VAT | | Less: Income tax impact | 3,358,340.76 | | | Impact on minority interests (after tax) | 47,209.89 | | | Total | 11,256,365.66 | | [Section III Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Main Business Activities During the Reporting Period](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in R&D, production, and sales of surgical medical devices, with staplers as core products, expanding into surgical equipment and low-value consumables distribution, and has recently ventured into recombinant collagen synthetic biology - The company's core business involves the R&D, production, and sales of surgical medical devices, particularly staplers[25](index=25&type=chunk) - The company's product line includes endoscopic staplers, open staplers, stapler components, and surgical equipment[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - The company distributes medical equipment and low-value consumables from brands such as Mindray and BD[28](index=28&type=chunk) - In June 2025, the company commissioned Shanghai Jiao Tong University to research recombinant collagen, planning to expand into the synthetic biology business segment[25](index=25&type=chunk) [Company Main Business](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily focuses on R&D, production, and sales of surgical medical devices, with staplers as its core, evolving into a platform-based group covering various surgical equipment and medical consumables, and initiated recombinant collagen R&D in June 2025 to enter the synthetic biology sector - The company's core business is the R&D, production, and sales of surgical medical devices, including staplers[25](index=25&type=chunk) - The company has developed into a platform-based group company covering multiple categories of surgical equipment and medical consumables[25](index=25&type=chunk) - In June 2025, the company commissioned Shanghai Jiao Tong University to research recombinant collagen, expanding into the synthetic biology business segment[25](index=25&type=chunk) [Main Products and Uses](index=10&type=section&id=%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company independently develops and produces endoscopic staplers, open staplers, stapler components, and surgical equipment, with a focus on intelligent and electric endoscopic staplers, while also distributing medical equipment and low-value consumables from brands like Mindray and BD - Independent R&D and production of endoscopic staplers (electric and manual), open staplers, stapler components, and surgical equipment (operating tables, shadowless lamps, pendant systems)[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - Endoscopic staplers feature a three-row unequal height titanium staple design, one-handed operation, and gecko claw design on the staple cartridge for enhanced tissue adaptability, hemostasis, and ease of use[25](index=25&type=chunk) - Electric endoscopic staplers have obtained Class III medical device registration certificates, offering simple operation, effortless firing, and excellent hemostasis[26](index=26&type=chunk) - Autonomous production and sales capabilities for surgical equipment are steadily improving, with **98.19%** of total sales from self-produced items this period, a **4.17% increase**[27](index=27&type=chunk) - Distribution of medical equipment such as monitors and ventilators from brands like Mindray and KSP, and low-value consumables from BD and Intersect[28](index=28&type=chunk) [Company Main Operating Model](index=11&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's procurement includes raw materials and agency business, with strict supplier management; production is primarily 'make-to-order with appropriate inventory,' possessing full stapler industry chain capabilities; sales are mainly distribution-based, supplemented by direct sales, with international markets handled through third-party companies - Procurement models include raw material procurement (centralized purchasing, qualified supplier management) and agency business procurement (annual agency agreements, based on demand and forecasts)[28](index=28&type=chunk)[29](index=29&type=chunk) - Production follows a 'make-to-order with appropriate inventory' model, with full stapler industry chain production capabilities; overseas demand and components are order-based, while domestic market demand uses stock-based production[29](index=29&type=chunk) - Sales models are divided into distribution (staplers, self-produced medical equipment) and direct sales (stapler components, medical equipment, low-value consumables)[30](index=30&type=chunk) - Under the distribution model, traditional distribution is the primary sales channel for staplers and other products, with overseas markets collaborating with domestic third-party companies through the international trade department[32](index=32&type=chunk) - Secondary distribution is mainly used for medical equipment sales outside Changzhou, with the company providing technical support[33](index=33&type=chunk) [Industry Development Overview](index=12&type=section&id=%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The global medical device market is projected to reach **$913 billion** by 2030, with China's market, the second largest globally, expected to reach **$1.652 trillion** by 2030, driven by strong growth in the stapler market, especially electric endoscopic staplers, which show significant domestic substitution potential Global Medical Device Market Size Forecast | Year | Market Size (Billion $) | CAGR (2022-2030) | | :--- | :--- | :--- | | 2022 | 565 | 6.18% | | 2024 (Est.) | 646 | | | 2030 (Est.) | 913 | | China Medical Device Market Size Forecast | Year | Market Size (Billion yuan) | CAGR (2022-2030) | | :--- | :--- | :--- | | 2022 | 944 | 7.3% | | 2024 (Est.) | 1,130 | | | 2030 (Est.) | 1,652 | | - The stapler market continues to improve, with rapid growth in demand for endoscopic staplers as minimally invasive surgical instruments, which have high technical barriers[35](index=35&type=chunk)[36](index=36&type=chunk) Global Stapler Market Size Forecast | Year | Stapler Market Size (Billion $) | Endoscopic Stapler Market Size (Billion $) | Endoscopic Stapler Share | | :--- | :--- | :--- | :--- | | 2022 | 8.91 | 5.77 | 64.8% | | 2024 (Est.) | 9.91 | 6.57 | 66.3% | | 2030 (Est.) | 12.93 | 9.30 | 71.9% | | CAGR (2022-2030) | 4.76% | 6.15% | | - The open stapler market is highly competitive, with domestic penetration increasing from **71% in 2020 to 78% in 2022**[38](index=38&type=chunk) - Demand for endoscopic staplers is growing rapidly, with imported brands dominating, but domestic substitution is accelerating significantly; manual endoscopic stapler domestic penetration increased from **26% to 41%**, and electric endoscopic stapler domestic penetration increased from **7% to 22%** (2020-2022)[38](index=38&type=chunk) - Electric endoscopic staplers are cutting-edge products with high technical barriers, and several domestic companies are investing in this field[39](index=39&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include a complete industry chain, strong R&D capabilities (unequal height staple technology and electric endoscopic staplers), extensive marketing channels, regional industrial cluster advantages, stringent quality control, and an experienced management team, actively pursuing new product development to enhance market competitiveness - The company in surgical stapler field has achieved a full industry chain layout from R&D design to sales, which helps shorten development cycles, ensure quality, and control costs[41](index=41&type=chunk) - The company holds **285 patents** (including **62 invention patents**), was an early adopter of "unequal height staple" technology in China, and participates in drafting industry standards[41](index=41&type=chunk) - The new generation electric endoscopic stapler has obtained registration and is on the market, with a fully electric endoscopic stapler also registered[41](index=41&type=chunk) - In synthetic biology, the company collaborates with Academician Deng Zixin's team at Shanghai Jiao Tong University to develop recombinant collagen products[42](index=42&type=chunk) - The company has established a nationwide sales network, with products used in many renowned Class A tertiary hospitals and exported to international markets including Europe, South America, the Middle East, and Africa[39](index=39&type=chunk)[42](index=42&type=chunk) - Changzhou, where the company is located, is a major production base for domestic staplers, offering geographical advantages that facilitate component business outreach and industry exchange[42](index=42&type=chunk) - The company has established a comprehensive quality management system based on ISO13485 and strictly adhering to the "Medical Device Production Quality Management Regulations"[43](index=43&type=chunk) - The company's management team is highly experienced, with deep roots in various business segments, accumulating extensive resources from major hospitals and distributors[43](index=43&type=chunk) Major R&D Project Progress | Project Name | Project Objective | Project Progress | Target Goal | Expected Impact on Future Company Development | | :--- | :--- | :--- | :--- | :--- | | Disposable Model 1011 Electric Endoscopic Cutting Stapler and Key Components R&D | Design a forced reset safety mechanism and activation structure to enhance safety and production efficiency | Small batch trial production | Design a semi-electric endoscopic structure, compatible with American-style components, to reduce costs | Increase the variety of American-style electric endoscopic staplers, attract users, and enhance competitiveness | | Disposable Model 1012 Electric Endoscopic Cutting Stapler and Key Components R&D | Optimize the connection method between the anvil and cover to resolve virtual welding issues, improving assembly efficiency and connection reliability | Sample trial production | Utilize snap-fit connections to replace some welding operations | Control manufacturing costs and assembly efficiency of Johnson & Johnson-style electric endoscopic staplers, increasing profit | | Disposable Model 1206 Anorectal Ligator and Key Components R&D | Enrich product types, meet diverse consumer needs, and expand market share | Sample trial production | Design a device capable of multiple ligations, increasing usage efficiency and reducing costs | Help the company stand out in competition, expand market share, and drive technological progress | | Disposable Model 0110 Tubular Three-Row Stapler and Key Components R&D | Increase utilization of tubular components and reduce intraoperative bleeding risk | Small batch trial production | Increase utilization of tubular components, requiring only staple cartridge replacement, reducing costs | Increase the variety of tubular staplers, attract users, and enhance competitiveness | | Disposable Model 1014 Electric Endoscopic Cutting Stapler and Key Components R&D | Integrate intelligence and electrification to address the pain points of laborious traditional surgical operations and uneven suturing | Early-stage R&D | Achieve a fundamental shift from manual mechanical operation to electric control | Enhance surgical precision, reduce difficulty, alleviate fatigue, improve safety, and increase revenue | | Model 9906 Continuous Firing Tissue Clip and Key Components R&D | Develop a surgical instrument capable of continuous pushing of polymer clips, with a safety mechanism | Early-stage R&D | The instrument contains more than 15 polymer clips, capable of continuous pushing and closing, with a safety mechanism to prevent accidental activation | Enrich product types and increase market share | | Disposable Model 1207 Electric Anorectal Ligator and Key Components R&D | Provide an electric ligator with elastic thread and self-contained negative pressure, increasing product variety | Early-stage R&D | The instrument has self-contained negative pressure, can perform multiple ligations, automatically tightens and cuts elastic thread, and displays the remaining number of loops | Increase the variety of ligator products, facilitate product promotion, and enhance competitiveness | | R&D of Disposable Absorbable Tissue Clips and Reusable Clip Appliers | Develop absorbable tissue clips and reusable clip appliers to avoid the drawbacks of traditional metal titanium clips | Project terminated | Avoid foreign body reactions, no X-Ray/CT interference, 360° rotation of clip applier | Create more revenue, enhance market competitiveness, and build brand value | | R&D of Endoscopic Components Loaded with Absorbable Staples | Address the non-absorbability and poor formation of staples in existing endoscopic components on the market | Project terminated | Apply absorbable staples, reduce poor formation rates, and enhance hemostatic performance and tensile strength | Provide new surgical instrument solutions and accumulate experience in absorbable material applications | | R&D of Disposable Arc-shaped Puncturing Stapler and Components | Develop an arc-shaped puncturing stapler for low anterior rectal resection, reducing trauma and complications | Project terminated | The instrument features a small arc-shaped puncturing design, allows multiple gun head replacements, and has an empty staple cartridge safety mechanism | Expand the anorectal instrument product line and drive promotion and application | | R&D of Endoscopic Heating Device | Address the issue of lens fogging during traditional endoscopic surgery | Project terminated | The device can be used directly in sterile areas, is compact, features automatic defogging, and safe temperature monitoring | Position as an industry leader, easy for mass production, and increase revenue | | R&D of Disposable Endoscopic Duckbill Sheath | Develop a duckbill sheath that can easily move and separate blood vessels and tissues | Registration application stage | Exquisite design, high stability, low cost, good sealing effect, and good versatility | Create more revenue, enhance market competitiveness, and build brand value | | R&D of Disposable Endoscope and Host System | Provide observation, diagnosis, and treatment images for related minimally invasive surgeries via video monitor | Completed | High-definition and true-to-life images, portable equipment, convenient for movement, adaptable to more diagnostic and treatment scenarios | Enter the endoscope product line, broaden sales channels, and enhance brand power | | R&D of Disposable Large-Angle Endoscopic Stapler Cartridge | Meet the needs of complex narrow spaces and extreme positions in various endoscopic surgeries | Completed | Design a large-angle component capable of left and right 65° rotation | Significantly enhance the market competitiveness of the endoscopic product line and provide more revenue | | R&D of Class 3 Ultrasonic Scalpel Head and Host | Develop ultrasonic scalpel instruments suitable for soft tissue cutting requiring bleeding control and minimal thermal damage | Registration application stage | Real-time jaw pressure feedback and energy adjustment, effectively closing blood vessels 5mm or less in diameter | Convenient, efficient, easy to operate, capable of simultaneous hemostasis, bringing more revenue | | R&D of 2nd Generation New Electric Ligating Stapler | Develop a disposable electric anorectal ligator with a self-contained negative pressure source | Early-stage R&D | Self-contained negative pressure source, displays remaining loop count, automatically tightens and cuts elastic thread | Increase the variety of ligator products, facilitate product promotion, and enhance competitiveness | | R&D of Disposable Continuous Firing Clip Applier and Ligating Clips | Develop ligating clips that can conveniently and quickly clamp, fix, and separate tissues in narrow areas | Registration application stage | Can store multiple ligating clips, eliminating the clamping step, shortening surgery time | Create more revenue, enhance market competitiveness, and build brand value | | R&D of Disposable Fully Electric Endoscopic Stapler Based on Intelligent Compression Feedback | Provide an intelligent feedback software system for dissection, resection, and/or anastomosis | Pilot production stage | Accurately monitor instrument usage status and convert it into intuitive graphics, assisting operators in precise control | Improve surgical precision, reduce difficulty, alleviate fatigue, enhance safety, and increase revenue | | R&D of Platform Rotatable Single-Port Multi-Channel Trocar | Research how to design the connection structure between the platform and the channel tube of a single-port multi-channel trocar to enable platform rotation | Early-stage R&D | The platform allows the instrument to rotate 360°, reaching the lesion more flexibly | Enhance surgical safety, precision, and success rate, and expand market share | | Electric Hydraulic Operating Table R&D Project | Enrich the surgical equipment product line and expand market share | Early-stage R&D | Mass produce and market high-cost-performance comprehensive operating tables | Increase revenue and enhance market competitiveness | | High-end Fully Electric Hydraulic Operating Table R&D Project | Enrich the surgical equipment product line and expand market share | Early-stage R&D | Mass produce and market high-end fully electric hydraulic operating tables | Increase revenue and enhance market competitiveness | | Surgical Shadowless Lamp Project | Enrich the surgical equipment product line and expand market share | Early-stage R&D | Mass produce and market high-end surgical shadowless lamps | Increase revenue and enhance market competitiveness | [Main Business Analysis](index=19&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This reporting period, the company's main business revenue decreased by **14.17%** year-on-year, while stapler business revenue grew by **7.11%** with a gross margin of **67.30%**, but medical equipment, low-value consumables, and stapler component revenues all declined, with stapler components seeing the largest drop and a significant decrease in gross margin Key Financial Data Year-on-Year Changes | Indicator | Current Period ($) | Prior Year ($) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 183,292,306.61 | 213,553,049.86 | -14.17% | | Operating Cost | 97,573,435.14 | 111,536,743.85 | -12.52% | | Selling Expenses | 22,308,254.63 | 22,621,178.59 | -1.38% | | Administrative Expenses | 32,249,472.08 | 34,648,528.09 | -6.92% | | Financial Expenses | 81,503.18 | -2,711,325.82 | 103.01% | | Income Tax Expense | 6,254,071.55 | 9,184,264.99 | -31.90% | | R&D Investment | 8,419,735.46 | 9,723,871.09 | -13.41% | | Net Cash Flow from Operating Activities | 21,385,778.51 | 70,317,683.91 | -69.59% | | Net Cash Flow from Investing Activities | -74,017,417.80 | -360,652,953.53 | 79.48% | | Net Cash Flow from Financing Activities | -1,681,281.61 | -76,984,024.48 | 97.82% | | Net Increase in Cash and Cash Equivalents | -54,548,390.75 | -367,370,694.40 | 85.15% | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue ($) | Operating Cost ($) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Staplers | 97,202,533.49 | 31,789,570.38 | 67.30% | 7.11% | 11.36% | -1.25% | | Medical Equipment | 28,584,292.83 | 20,924,298.26 | 26.80% | -19.57% | -11.65% | -6.56% | | Low-Value Consumables | 24,268,864.48 | 16,103,603.88 | 33.65% | -7.05% | -6.91% | -0.10% | | Stapler Components | 32,163,534.10 | 28,077,696.05 | 12.70% | -44.45% | -28.85% | -19.14% | - Financial expenses increased by **103.01%** year-on-year, primarily due to a decrease in bank wealth management interest income this period[51](index=51&type=chunk) - Net cash flow from operating activities decreased by **69.59%** year-on-year, mainly due to a decrease in cash received from sales of goods this period[51](index=51&type=chunk) [Non-Main Business Analysis](index=19&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-main business activities contributed significantly to total profit this reporting period, with investment income accounting for **31.04%**, primarily from wealth management products, though these gains are not sustainable, while fair value changes and asset impairment also impacted total profit Impact of Non-Main Business on Total Profit | Item | Amount ($) | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 11,144,971.24 | 31.04% | Mainly investment income from wealth management products | No | | Gains/losses from fair value changes | 2,662,563.62 | 7.41% | Mainly gains from trading financial assets | No | | Asset Impairment | 19,648.12 | 0.05% | Mainly reversal of contract asset impairment this period | No | | Non-operating Income | 76,262.55 | 0.21% | Mainly compensation and fine income | No | | Non-operating Expenses | 646,794.05 | 1.80% | Mainly public welfare donation expenses | No | [Asset and Liability Status Analysis](index=20&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased, with a significant reduction in monetary funds and a notable increase in trading financial assets and short-term borrowings, reflecting changes in wealth management investments and short-term financing, with no asset rights restrictions Significant Changes in Asset Composition | Item | Current Period-end Amount ($) | Share of Total Assets | Prior Year-end Amount ($) | Change in Share | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 63,486,325.52 | 2.58% | 295,179,331.27 | -9.31% | Mainly due to an increase in trading financial assets | | Trading Financial Assets | 1,136,526,319.18 | 46.10% | 906,060,155.56 | 9.60% | | | Short-term Borrowings | 88,934,821.25 | 3.61% | 33,026,006.58 | 2.28% | Mainly due to bank borrowings this period | - At the end of the reporting period, the company's total assets were **$2.465 billion**, a **0.69% decrease** from the prior year-end[139](index=139&type=chunk) - At the end of the reporting period, net assets attributable to shareholders were **$2.218 billion**, a **1.26% decrease** from the prior year-end[18](index=18&type=chunk) - The company has no asset rights restrictions[56](index=56&type=chunk) [Investment Status Analysis](index=21&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company had no significant equity or non-equity investments this period, with **37.06%** of raised funds utilized, some projects terminated or delayed, and excess funds used for working capital and R&D center investment, while a substantial **$1.127 billion** in wealth management products remained outstanding with no overdue amounts - During the reporting period, the company had no significant equity or non-equity investments[57](index=57&type=chunk) Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds ($ billion) | Net Raised Funds ($ billion) | Total Raised Funds Used This Period ($ million) | Total Raised Funds Used Cumulatively ($ million) | Utilization Rate of Raised Funds at Period-end | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | Initial Public Offering | 1.104 | 1.003 | 30.11 | 371.58 | 37.06% | - The "Zihang Medical Device Components Intelligent Manufacturing and Expansion Project" was terminated due to market changes and sufficient capacity, with remaining funds to be used for new projects[61](index=61&type=chunk) - The "Weike Medical Minimally Invasive Surgical New Product Project" was delayed until December 31, 2027, due to policy adjustments, increased market competition, and accelerated technological iteration[61](index=61&type=chunk) - Excess raised funds totaling **$199.80 million** have been permanently used to supplement working capital, and an additional **$194.62 million** was invested in the "Medical Surgical Instrument R&D Center Project"[62](index=62&type=chunk) Overview of Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount ($ million) | Outstanding Balance ($ million) | | :--- | :--- | :--- | | Bank Wealth Management Products | 863.34 | 774.30 | | Brokerage Wealth Management Products | 359.40 | 353.00 | | Total | 1,222.74 | 1,127.30 | - The company had no derivative investments or entrusted loans during the reporting period[65](index=65&type=chunk)[66](index=66&type=chunk) [Overall Situation](index=21&type=section&id=%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not engage in significant equity or non-equity investment activities - The company had no significant equity or non-equity investments during the reporting period[57](index=57&type=chunk) [Use of Raised Funds](index=21&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company's net proceeds from its IPO were **$1.003 billion**, with **$371.58 million** (37.06%) utilized as of June 30, 2025, leading to the termination or delay of some projects and the use of over-raised funds for working capital and R&D center investment Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds ($ billion) | Net Raised Funds ($ billion) | Total Raised Funds Used This Period ($ million) | Total Raised Funds Used Cumulatively ($ million) | Utilization Rate of Raised Funds at Period-end | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | Initial Public Offering | 1.104 | 1.003 | 30.11 | 371.58 | 37.06% | - The "Zihang Medical Device Components Intelligent Manufacturing and Expansion Project" was terminated due to market changes and sufficient capacity, with remaining funds to be used for new project investments[61](index=61&type=chunk) - The "Weike Medical Minimally Invasive Surgical New Product Project" was delayed, with the expected date of reaching its intended usable state extended to December 31, 2027[61](index=61&type=chunk) - Excess raised funds totaling **$199.80 million** have been permanently used to supplement working capital, and an additional **$194.62 million** was invested in the "Medical Surgical Instrument R&D Center Project"[62](index=62&type=chunk) [Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=25&type=section&id=%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) During the reporting period, the company's entrusted wealth management transactions totaled **$1.223 billion**, with an outstanding balance of **$1.127 billion** at period-end, primarily in bank and brokerage wealth management products, with no overdue amounts, and no derivative investments or entrusted loans Overview of Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount ($ million) | Outstanding Balance ($ million) | | :--- | :--- | :--- | | Bank Wealth Management Products | 863.34 | 774.30 | | Brokerage Wealth Management Products | 359.40 | 353.00 | | Total | 1,222.74 | 1,127.30 | - The company had no derivative investments or entrusted loans during the reporting period[65](index=65&type=chunk)[66](index=66&type=chunk) [Major Asset and Equity Sales](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not engage in any major asset or equity sales - The company did not sell any major assets during the reporting period[67](index=67&type=chunk) - The company did not sell any major equity during the reporting period[68](index=68&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main wholly-owned subsidiaries, Weike Medical and Zihang Precision, operated steadily this period; Weike Medical's total assets grew by **1.37%** and revenue by **7.12%**, despite a **17.66%** net profit decline, while Zihang Precision's total assets slightly decreased by **0.95%** but net assets grew by **2.82%** - The company's main wholly-owned subsidiaries are Weike Medical and Zihang Precision, with no transfers or cancellations of subsidiaries during the reporting period[70](index=70&type=chunk) Weike Medical Operating Performance | Indicator | June 30, 2025 / Current Period | | :--- | :--- | | Total Assets | $318.36 million (1.37% increase from prior year-end) | | Operating Revenue | $97.20 million (7.12% increase from prior year) | | Net Profit | $22.57 million (17.66% decrease from prior year) | | New Medical Device Registration Certificates | 12 items | | New Patent Technologies | 22 items | | Cumulative Medical Device Registration Certificates | 49 items | | Cumulative Patent Technologies | 147 items (including 25 invention patents) | Zihang Precision Operating Performance | Indicator | June 30, 2025 / Current Period | | :--- | :--- | | Total Assets | $343.37 million (0.95% decrease from prior year-end) | | Net Assets | $257.11 million (2.82% increase from prior year-end) | | Operating Revenue | $60.63 million | | Net Profit | $7.02 million | | New Patent Technologies | 6 items (including 2 invention patents) | | Cumulative Patent Technologies | 121 items (including 37 invention patents) | [Structured Entities Controlled by the Company](index=27&type=section&id=%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[73](index=73&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from volume-based procurement, technological iteration, distributor management, agency rights changes, regulatory compliance, and goodwill impairment, which it addresses through increased R&D, product optimization, enhanced distributor control, expanded agency products, strict regulatory adherence, and regular goodwill assessments - Volume-based procurement policies may lead to significant reductions in product terminal prices, impacting the company's profitability and exerting downward pressure on upstream suppliers[74](index=74&type=chunk) - Countermeasures: Closely monitor policies, increase R&D investment, enhance product quality, actively participate in volume-based procurement, and strive to leverage competitive advantages[75](index=75&type=chunk) - The medical device industry experiences rapid technological iteration; failure to update products promptly may result in loss of market recognition[75](index=75&type=chunk) - Countermeasures: Increase R&D investment, enhance independent R&D capabilities, accelerate product R&D and iteration, focusing on forward-looking products such as electric endoscopic staplers, ultrasonic scalpels, and absorbable medical products[76](index=76&type=chunk) - The company primarily operates through a distribution model with numerous and widely distributed distributors, posing distributor management risks[76](index=76&type=chunk) - Countermeasures: Improve the distributor control system, strengthen evaluation and supervision, select high-quality distributors, and provide business training and technical support[77](index=77&type=chunk) - Agency operating rights typically have a one-year validity, posing a risk of not continuously securing agency rights[77](index=77&type=chunk) - Countermeasures: Strictly adhere to contracts, actively seek new agency products, expand agency categories, and extend the validity period of agency rights[77](index=77&type=chunk) - The company's products fall under Class I, II, and III medical devices, facing strict regulatory risks including product registration, renewal of production and operation approvals, and risks of non-compliance in sampling tests[77](index=77&type=chunk) - Countermeasures: Strictly control product quality and actively organize professional teams to ensure smooth renewal of qualification licenses[78](index=78&type=chunk) - As of June 30, 2025, the company's consolidated goodwill book value was **$533.93 million**, posing impairment risks[78](index=78&type=chunk) - Countermeasures: Enrich subsidiary product lines, enhance the sustainable development momentum of businesses, leverage synergistic effects, and regularly assess goodwill impairment risks[79](index=79&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=28&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) On May 8, 2025, the company participated in the 2024 Annual Online Performance Briefing via the Value Online platform, engaging with investors on its annual operations, R&D, market conditions, and future development plans - On May 8, 2025, the company participated in the 2024 Annual Online Performance Briefing via the Value Online network platform[80](index=80&type=chunk) - Discussion topics included the company's annual operating performance, R&D status, market conditions, and future development plans[80](index=80&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[81](index=81&type=chunk) - The company did not disclose a valuation enhancement plan[81](index=81&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=29&type=section&id=%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[82](index=82&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=29&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management remained unchanged during the reporting period[83](index=83&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&type=section&id=%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[84](index=84&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company's 2023 restricted stock incentive plan is progressing, with **1.956666 million shares** granted, of which **1.0232 million shares** are unvested, the grant price adjusted to **$16.00/share**, and **933,466 unvested restricted shares** canceled - The company's 2023 restricted stock incentive plan, using Class II restricted shares, granted a total of **1.956666 million shares** to **89 incentive recipients**[85](index=85&type=chunk) - As of the end of the reporting period, the number of unvested restricted shares granted under the 2023 restricted stock incentive plan was **1.0232 million shares**[85](index=85&type=chunk) - The grant price for the 2023 restricted stock incentive plan has been adjusted from **$16.59/share** to **$16.00/share**[85](index=85&type=chunk) - A portion of the granted but unvested **933,466 Class II restricted shares** has been canceled[85](index=85&type=chunk) [Environmental Information Disclosure](index=30&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[88](index=88&type=chunk) [Social Responsibility](index=30&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by protecting investor rights, strengthening Party building, deepening industry-academia cooperation, safeguarding employee interests, maintaining supplier and customer relationships, prioritizing environmental protection and sustainable development, and participating in public welfare activities while expanding international markets - The company protects investor rights through truthful, accurate, complete, and timely information disclosure and various communication methods, and adopts a stable cash dividend policy[88](index=88&type=chunk) - The company's Party branch has **15 members**, developed **2 new Party activists** during the reporting period, completed Party building facilities in May 2025, and established the "Morning Star" Party building brand[88](index=88&type=chunk) - The company established a strategic partnership with Changzhou University, donating **$1 million** to set up the "Dongxing Medical Synthetic Biology Innovation Class," and commissioned Academician Deng Zixin's team at Shanghai Jiao Tong University to research recombinant collagen products[89](index=89&type=chunk) - The company strictly adheres to the "Labor Law" and "Labor Contract Law," focusing on enhancing employees' comprehensive abilities and career development, and protecting their legitimate rights and interests[89](index=89&type=chunk) - The company follows principles of equality, voluntariness, and mutual benefit to build and develop strategic partnerships with upstream and downstream partners, strictly controls product quality, and protects consumer interests[89](index=89&type=chunk) - The company highly values environmental protection, adheres to green, low-carbon, and sustainable development concepts, and strengthens environmental awareness campaigns[90](index=90&type=chunk) - In April and May 2025, the company donated a total of **$600,000** to the Changzhou Charity Federation and organized employees to participate in the "A Bag of Milk Walk" charity event[90](index=90&type=chunk) - Subsidiaries Weike Medical and Sanfeng Dongxing actively participate in international medical device exhibitions and academic exchange activities to expand international markets[90](index=90&type=chunk)[91](index=91&type=chunk) [Section V Important Matters](index=32&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Commitment Matters Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=32&type=section&id=%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no commitment matters that were fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company - The company reported no commitment matters that were fulfilled or overdue and unfulfilled by related parties during the reporting period[93](index=93&type=chunk) [Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=32&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[94](index=94&type=chunk) [Illegal External Guarantees](index=32&type=section&id=%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no illegal external guarantees - The company reported no illegal external guarantees during the reporting period[95](index=95&type=chunk) [Appointment and Dismissal of Accounting Firms](index=32&type=section&id=%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[96](index=96&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on "Non-standard Audit Report" for the Current Reporting Period](index=32&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[97](index=97&type=chunk) [Explanation by the Board of Directors on "Non-standard Audit Report" for the Prior Year](index=32&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no explanation regarding a non-standard audit report for the prior year during the reporting period - The company had no explanation regarding a non-standard audit report for the prior year during the reporting period[97](index=97&type=chunk) [Bankruptcy and Reorganization Matters](index=32&type=section&id=%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[97](index=97&type=chunk) [Litigation Matters](index=32&type=section&id=%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters this reporting period, with other summarized lawsuits totaling **$1.05 million** in involved amounts, all pending trial and expected to have no significant impact - The company had no major litigation or arbitration matters during this reporting period[98](index=98&type=chunk) Summary of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved ($ million) | Whether a Provision is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other lawsuits not meeting the disclosure threshold for major litigation | 1.05 | No | All cases are pending trial | No significant impact | [Penalties and Rectification](index=33&type=section&id=%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[100](index=100&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=33&type=section&id=%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company reported no issues with the integrity status of the company, its controlling shareholder, or actual controller during the reporting period - The company reported no issues with the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[101](index=101&type=chunk) [Major Related Party Transactions](index=33&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in daily operational related party transactions with Changzhou Kaizhou Hotel Co., Ltd., procuring **$1.87 million** in catering services within the approved limit, and its controlling shareholder, Mr. Wan Shiping, plans to acquire a **6% equity stake** in subsidiary Dongxing Bio for **$0** Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Content | Related Transaction Amount ($ million) | Approved Transaction Limit ($ million) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Changzhou Kaizhou Hotel Co., Ltd. | Procurement of catering services | 1.87 | 6.00 | No | - The company reported no related party transactions involving asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships during the reporting period[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - On May 12, 2025, Mr. Wan Shiping, the company's controlling shareholder and actual controller, plans to acquire a **6% equity stake** in subsidiary Dongxing Bio from Ms. Haile, a non-related party, for a consideration of **$0**[108](index=108&type=chunk) [Major Contracts and Their Performance](index=35&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no trusteeship or contracting arrangements, incurred **$376,800** in lease expenses as a lessee, collected **$2.59 million** in rent as a lessor, and had no major guarantees or other significant contracts - The company had no trusteeship or contracting arrangements during the reporting period[110](index=110&type=chunk)[111](index=111&type=chunk) - During the reporting period, the company and its subsidiaries incurred total lease expenses of **$376,800** as lessees and collected total rent of **$2.59 million** as lessors[112](index=112&type=chunk) - The company had no major guarantees during the reporting period[113](index=113&type=chunk) - The company had no other major contracts during the reporting period[116](index=116&type=chunk) [Explanation of Other Major Matters](index=35&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company's directors and senior management completed their share stabilization plan, collectively increasing holdings by **36,800 shares** totaling **$719,110**, and its subsidiary Dongxing Bio signed a **$6 million** technical development contract with Shanghai Jiao Tong University to deepen industrial layout and promote scientific research industrialization - The company's directors and senior management have completed their share stabilization plan, collectively increasing their holdings by **36,800 shares**, with a total increase amount of **$719,110**[118](index=118&type=chunk) - The company's controlling subsidiary Dongxing Bio signed a "Technical Development (Entrustment) Contract" with Shanghai Jiao Tong University for a total amount of **$6 million**, aiming to deepen industrial layout and promote the industrialization of scientific research achievements[119](index=119&type=chunk) [Major Matters of Subsidiaries](index=36&type=section&id=%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no major matters concerning its subsidiaries during the reporting period - The company had no major matters concerning its subsidiaries during the reporting period[120](index=120&type=chunk) [Section VI Share Changes and Shareholder Information](index=37&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Changes](index=37&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged at **100,173,334 shares**, with a slight increase of **375 restricted shares** due to directors' and senior management's share stabilization commitments, and a corresponding decrease in unrestricted shares Share Change Status | Share Class | Quantity Before Change (shares) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 32,009,559 | 375 | 32,009,934 | | 3. Other Domestic Shares | 31,754,559 | 375 | 31,754,934 | | Domestic Natural Person Holdings | 27,254,559 | 375 | 27,254,934 | | II. Unrestricted Shares | 68,163,775 | -375 | 68,163,400 | | 1. RMB Ordinary Shares | 68,163,775 | -375 | 68,163,400 | | III. Total Shares | 100,173,334 | 0 | 100,173,334 | - Director and General Manager Mr. Wei Jiangang increased his holdings by **100 shares**, of which **75 shares** were converted to executive restricted shares; Director and Deputy General Manager Ms. Gong Aiqin increased her holdings by **400 shares**, of which **300 shares** were converted to executive restricted shares[123](index=123&type=chunk) - The company had no progress on share repurchase implementation during the reporting period[124](index=124&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (shares) | Increase in Restricted Shares This Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wei Jiangang | 412,875 | 75 | 412,950 | Executive Restricted Shares | | Gong Aiqin | 146,250 | 300 | 146,550 | Executive Restricted Shares | [Securities Issuance and Listing](index=38&type=section&id=%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[127](index=127&type=chunk) [Shareholder Numbers and Shareholding](index=38&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **11,381 ordinary shareholders**; among the top ten shareholders, Wan Shiping held the largest stake at **25.02%**, and Jiang Shihua held **5.06%** with some shares pledged, while the company's repurchase account held **1,492,651 unrestricted shares**, accounting for **1.49%** - At the end of the reporting period, the total number of ordinary shareholders was **11,381**[128](index=128&type=chunk) Shareholding of Shareholders with 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period-end (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wan Shiping | Domestic Natural Person | 25.02% | 25,063,734 | 25,052,934 | 10,800 | N/A | | Jiang Shihua | Domestic Natural Person | 5.06% | 5,070,000 | 0 | 5,070,000 | Pledged 3,500,000 shares | - Wan Shiping is the father of Wan Zhengyuan, and Changzhou Kaizhou Investment Management Co., Ltd. is controlled by Wan Shiping[129](index=129&type=chunk) - As of the end of the reporting period, the company's repurchase dedicated securities account held **1,492,651 unrestricted shares**, accounting for **1.49%** of total shares[129](index=129&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, company directors and senior management, including Wei Jiangang, Gong Aiqin, and Wan Zhengyuan, each made small share increases, with Wei Jiangang adding **100 shares**, Gong Aiqin **400 shares**, and Wan Zhengyuan **5,000 shares** Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Period Start (shares) | Shares Increased This Period (shares) | Shares Held at Period End (shares) | | :--- | :--- | :--- | :--- | :--- | | Wei Jiangang | Director, General Manager | 550,500 | 100 | 550,600 | | Gong Aiqin | Director, Deputy General Manager, CFO, Board Secretary | 195,000 | 400 | 195,400 | | Wan Zhengyuan | Director, Deputy General Manager | 1,635,000 | 5,000 | 1,640,000 | | Total | -- | 2,380,500 | 5,500 | 2,386,000 | [Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[132](index=132&type=chunk) - The company's actual controller remained unchanged during the reporting period[132](index=132&type=chunk) [Preferred Shares Related Information](index=40&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[133](index=133&type=chunk) [Section VII Bond Related Information](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond Related Information](index=41&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[135](index=135&type=chunk) [Section VIII Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=42&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[137](index=137&type=chunk) [Financial Statements](index=42&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating its financial position, operating results, and cash flows, noting year-on-year declines in operating revenue and net profit, a significant decrease in net cash flow from operating activities, but an improvement in net cash flow from investing activities Consolidated Balance Sheet Key Data (Period-end Balance) | Item | Period-end Balance ($) | Period-start Balance ($) | | :--- | :--- | :--- | | Monetary Funds | 63,486,325.52 | 295,179,331.27 | | Trading Financial Assets | 1,136,526,319.18 | 906,060,155.56 | | Accounts Receivable | 83,572,020.34 | 91,746,496.39 | |